Alternative Educational Loans
How to Apply for Private/Alternative
Educational Loans
Private educational loan programs require the borrower has a satisfactory credit history and, in some cases, may require a cosigner. Before selecting a lender students should review all program information carefully (interest rates, benefits, repayment provisions, options, etc.).
Visit Alternative Loans for CCA Students before selecting a lender.
In general, graduate students are more successful if they borrow through the Graduate PLUS program rather than through an alternative loan program.
The borrower should initiate a private educational loan application process directly with the lender in order to ensure all of the preliminary steps (credit approvals, promissory notes, etc.) have been completed prior to CCA's certification of the loan application.
As with all of the various loan programs, many additional lenders exist than are posted on CCA's preferred lender list. If you have an outstanding loan with a lender that is not listed here and you intend to remain with that lender, contact the lender directly to initiate the new loan.
The GreenNote Alternative
An innovative alternative to private/alternative educational loans is provided through GreenNote, a local company that brings the concept of microfinance to financing college. CCA is participating in a pilot program with GreenNote to help students connect with their social networks to help finance their college education.
Using the GreenNote online platform, students connect with friends, family, friends of family, community leaders, and others to ask for small student loans (as little as $100). GreenNote helps formalize everything into legally binding loans and handles all the details—from loan documentation through repayment. All students qualify for GreenNote loans since they require no credit check and no residence requirements.
The terms of a GreenNote loan are similar to those of a federal unsubsidized Stafford loan, with a 10-year-repayment period, a fixed 6.8-percent interest rate, and in-school deferment.
For more information, visit www.loans.greennote.com or contact the Financial Aid Office directly.